Austerity has been the main battle cry on the part of the forces of capital. New cuts in public spending, new cuts in pensions, new cuts in social expenditure, mass lay-offs of public sector workers, all in the name of dealing with increased budget deficits and increased debt-burden. This was intensified after the eruption of the global capitalist crisis in 2007-08. All over the world, political and economic elites along with media pundits have been singling out public spending as the main obstacle to economic recovery. Deficit reductions have become the point of condensation of political conflicts and party rivalries. The call for budget cuts and deficit reductions has been accompanied by new calls for abolishing whatever has been left of labour rights. In all advanced capitalist societies, we can hear the same battle cry against the supposed ‘rigidities’ of the labour market and the ‘privileges’ enjoyed by public sector employees and certain segments of the workforce. Liberalizing markets and removing obstacles to entrepreneurial activity have been at the centre of political debates and policy discussions. The attempt to save the banking system has led to massive transfusion of public funding from socially useful directions toward banks, leading in a massive redistribution of income toward capital.